Bitcoin's Mempool was emptied after 2 years, what does it mean?

Foto del autor

By TP

The Bitcoin Network records a low level of activity until today that today, February 2, the Mempool emptied after two years. As explained in cryptopedia, educational section of cryptootics, The Mempool is a kind of “waiting room” where all transactions that are sent in Bitcoin are stored and stored. Its correct operation contributes to the efficiency of the network. In that sense, it is important to clarify that Bitcoin transactions are not confirmed immediately, but first pass through the Mempool, where They remain there until a miner selects them and incorporates them into the blockchain.

When this «waiting room» is empty, it indicates that all Transactions have been prosecuted to the block chain or that new transactions have been received to be validated without congestion.

According to Mempool.Space data, at the time of publication of this article There are barely 3 blocks with transactions for being processed by Bitcoin miners. Although there is no network congestion, the blocks are still mined every 10 minutes

There are practically no waiting transactions. Source: Mempool.Space. On the other hand, we must mention that the fact that the mempool is empty implies that transaction commissions (Fees) are extremely low. During the early hours of Sunday, the commissions were below 1 SAT/VB, the equivalent of $ 0.14. Currently, the highest priority are in 2 SAT/VB or 0.28 dollars, a low figure compared to the moments that there is high congestion. It should be noted that the VB is the unit that defines the weight of a transaction in the Bitcoin network. Their value impacts the commissions, since the miners prioritize those with higher rates to process them first. Thus, the cost of a transaction varies according to its size and the urgency with which the user wants to be confirmed.

The transaction rate is $ 0.28. Source: Mempool.Space

Under interest in Bitcoin?

Finally, it should be noted that the empty Mempool can be a sign of low demand for transactions in the network, which could lead some investors to think that interest in Bitcoin (BTC) is decreasing. This could generate bear pressure in the price of the most valuable digital asset in the market. Jameson Lopp, co-founder of the firm Casa, believes that «an empty Mempool is a sign that Bitcoin's sovereign use is extremely low.» For Julio Moreno, Cryptoquant Research Director, «the Bitcoin Mempool was liquidated mainly because the madness by Runes /BRC20 faded.» For his part, Tomy Wilson, Cryptomoned Trader, explains that the «waiting room» is emptied because «we are holding BTC.» And he adds: «This means that Bitcoin does not change hands very quickly, which means that we maintain our wealth in a Wallet Cold (cold billion).»